The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-08-06
The STATE OF TRADE.
r. q. DUN B CO.'S WEEKLY RE.
VIEW Or BUSINESS.
The Eject Of the Wheat Collapse
In San Francisco Cannot be
Estimated.

%, In their weekly review Of trade,
say the collapse Of the California
wheat ring teaches the old lesson that
everybody Is stronger than anybody,
and not even bonsnzs wealth can with
impunity defy the laws Of trade. III.
fects In Atlantic markets, through
changes In railroad and telegraph op.
srations, cannot yet DO anticipated.
Even in San Francisco the results are
hidden, the board having suspended
% we'll as the pool. Bat the losses Of
$1,000, 900 will fall heavily, some here,
and the wheat held by the ring, said
10 be 100000 bushels In Caliiornia,
1900, 900 on the sea and 9,3O0,OOO in
Liverpool, hangs over the market
threatening continued depression
abroad and here. The average cost to
the ring is said to be more than the
wheat brings now at New York. Final
official statements show 1881 ,022
bushels net exports for the year, but
Of this quantity the 100000 bushels
owned by the California ring abroad
is siill ss much In the way Is
II II lad not been shipped. A SLOW
movement, for some time TO come,
seems to be probable, which may help
the mopcy market to rome extent.
Stnsks tumbled again, bat have re-
covered q little. On Saturday they
averaged S. per share lower than July
I'd, aud % iower than In January, and
were tritie lower than q year ago,
but todsy the market Was stronger.
Absence II investors, Absorption OF
capital elsewhere, and fear Of conse.
quences OF recent failures In railroad
negotiations and In wheat operations
sufYiciently explain the late lowness.
Railroads are pressed by the lowest
lake rates OF the year, &c for wheat
from Chicago to Buffalo, and In June
the canals moved to New York 7.4OO.-
900 bushels against 8,O0O, 900 bushels
by The trunk lines. But the main
TACT 10 that money has found other
uses. Secretary Fairchild offers 10 pre-
pay interest with Q rebate, and 10 buy
bonds u offered low enough, but the
men who have bonds are not the men
who seed money In . pinch. Only
u, bO0. 900 interest payable to banks
on bonds held IA certain to bo drawn,
unless the rebate 10 hereafter aband.
csea and ~hs,hsT banks OF permanent
investors will sell bonds at acceptable
terms 10 uncertain. The order, In
shori, affects monetary confidence more
Than the actual supply VI money. The
expectations that less will be wanted
West and South BECAUSE the banks
there hold 1900, 900 moro than year
aeo and so 100000 more than two
yess ago, 10 met by the fact that loans
Of the Western and Southern States
have increased SIS. zoe, 00e since last
year ard sli2,0OO,000 In two years,
showing great increase In demands Tor
money for new enterpr ises.
The reports fon interior points arc
almDst uniformly favorable, but money
h already reported light at Kansas
City, Atlanta aud some other points.
The demand seems greater than the
supply at q evelsnd and 0mahs, and
collections are satisfactory a. rev.
sral tenters. Crops are reported lea
favorable In Michigan and Georgia,
and harvesting In the Northwest
shows disappointing results, according
10 ~. Paul Advices, but elsewhere
counts are excellent. Tbs season Ia
ons Of comparative inactivity In ,rade,
but OF prepsrat on for the future, aud
the diference 10 In some quarters lees
strongly manifested. At the East,
heavy shipments OF money 10 ths
Wet, and large engagements for the
tutnie sttraoi attention Boston has
put 81, 900. 900 into n.w undertaking.
and promised f3o,000,0O0 more. A
alnilar, though smaller, drain 10 felt al
Philadelphia aud Baltimore.
The Treasury has aiken from the
marke, during the week 81, 400, 900 In
gold, with substantially no change In
silver and legal tenders. The advance
In rates by the Bank Of Eogland,
though explained by South American
ahlpmenta, was doubt ess calculated
n arrest any movement In this csun.
try, hut exports are not laige, tue
shipments IRON Now York Tor country
works being Z per cent below those
oil last year, win 0 per cent Increase
In Imports The heavy imports Of
iron In Juns. 81 627 tons pig, OIL .siS
scrap, and ~. 666 manufactured, rsuse
lees co n isnt tone. Rails ave on red
70 delivery by some inakers AZ tSb 30.
Wool 10 also lover by some holders,
and the wooden goods market shows
gn n, activity. Print cloths are lower,
30. c.hs' cut.oss firmly held. la
bri I, g,ea, OBSERVATION-DISCLOSURES uppleas-
antly blocked the Wholesale trade In
many brsuches and barred or locked
vast tums OF mouey which Will DO
wanted during the iali. Bu, for their
pernieious Influence the outlook
would be Tar more encouraging. Toe
susine,s failures du ing the lnni seven
days; For tho United States, 1873; foe
Canada, 20; total, 1903, COM
pared with 1874 last week, 1863